Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), has blamed the depreciation of the naira on the growing numbers of Nigerians going abroad for education and medical treatment.
Cardoso spoke on Tuesday during a plenary at the House of Representatives.
His appearance at the lower chamber followed the depreciation of the naira, which weakened to an all-time low.
The CBN chief said the exchange rate in Nigeria has increased due to a decline in the supply of US dollars.
“Looking at the demand side of the exchange rate, it is important to note the growing number of Nigerian students studying abroad,” he said. “In the 1980s and 1990s the need for US dollars for their living expenses was minimal. However, recent data show a significant change.”
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